Bitcoin is an innovative payment network which allows payments to be made online with no central authority or banks. It is a virtual currency which does not exist in the physical world, not does it have a central bank (like the Bank of England). Users open an account with Bitcoin and ‘purchase’ bitcoin commodities to use to purchase items/services.
At Umega Lettings we get a lot of international applicants, specifically for student properties, and we find that international bank transfers can sometimes be problematic or slow. Bitcoin payments can be made for holding deposits, safely and quickly to secure a property on the market.
We have been following Bitcoin for some time and are excited about its potential for making payments, securely, inexpensively and allowing international payments without limits, delays or excessive fees.